Damage Calculation with Stormweaver's Strike Twice and Lightning Conduit

When the Stormweaver's Strike Twice node applies two shocks to an enemy, each with a 20% intensity, and you then cast Lightning Conduit which consumes one shock, does the enemy take damage based on the combined 40% shock intensity resulting in 800% damage, or only the consumed 20% shock intensity resulting in 400% damage?